CUREVAC N.V. (CVAC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, o CUREVAC N.V. (CVAC) surge como uma força pioneira na inovação da vacina de mRNA, se posicionando estrategicamente na vanguarda das tecnologias médicas transformadoras. Ao alavancar as técnicas de impressão de RNA de ponta e promover parcerias críticas com entidades globais de saúde, o CUREVAC está reimaginando como as vacinas e as soluções terapêuticas podem ser desenvolvidas, produzidas e implantadas com velocidade e eficiência sem precedentes. Essa exploração abrangente de seu modelo de negócios Canvas revela uma abordagem sofisticada que promete revolucionar tratamentos médicos personalizados e enfrentar desafios complexos de assistência médica em escala global.

CUREVAC N.V. (CVAC) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com GSK para o desenvolvimento da vacina mRNA

Em janeiro de 2021, a CUREVAC firmou uma parceria estratégica com a GlaxoSmithKline (GSK) para o desenvolvimento da vacina CoVID-19. A colaboração envolvida:

Detalhes da parceria	Informações específicas
Investimento inicial	€ 150 milhões de GSK
Foco de colaboração	Desenvolvimento conjunto de candidatos a vacinas contra o mRNA
Duração da parceria	Contrato de vários anos

Parceria com o European Investment Bank para financiamento de pesquisa

A CUREVAC garantiu financiamento significativo de pesquisa por meio de instituições financeiras europeias:

• € 75 milhões em empréstimo do Banco Europeu de Investimento em 2020
• Financiamento especificamente direcionado para a pesquisa e desenvolvimento de vacinas covid-19
• Suporte à expansão da plataforma de mRNA Technology

Colaboração com instituições de pesquisa acadêmica

Instituição	Foco na pesquisa	Ano de colaboração
Universidade de Tübingen	Desenvolvimento de tecnologia de mRNA	2000-2024
Centro de Pesquisa do Câncer Alemão	Pesquisa de vacinas oncológicas	2019-2024

Aliança com redes de distribuição farmacêutica

A CUREVAC estabeleceu parcerias de distribuição para apoiar a implantação de vacinas:

• Colaboração com a Bayer AG para infraestrutura de distribuição global
• Parceria com a Iniciativa Covax para acesso global à vacina
• Acordos de distribuição nos mercados da União Europeia

Investimento total de parceria em 2024: aproximadamente € 250 milhões em colaborações estratégicas

CUREVAC N.V. (CVAC) - Modelo de negócios: Atividades -chave

Vacina de mRNA e pesquisa de terapêutica

A CUREVAC investiu 94,4 milhões de euros em despesas de pesquisa e desenvolvimento em 2022. A Companhia se concentrou no desenvolvimento de vacinas e terapêuticas baseadas em mRNA em várias áreas de doenças.

Área de foco de pesquisa	Investimento (2022)
Desenvolvimento da vacina CoVID-19	€ 37,2 milhões
Imunoterapias contra o câncer	€ 28,6 milhões
Vacinas de doenças infecciosas	€ 22,1 milhões

Desenvolvimento e execução de ensaios clínicos

O CUREVAC manteve vários programas de estágio clínico com ensaios ativos em várias indicações.

• Ensaios clínicos de vacinas cv2cov CoVID-19
• CV7202 RAVILHA VACATE FASE 1 Ensaios
• CV8102 Estudos clínicos de imunoterapia ao câncer

Inovação tecnológica de impressão de RNA proprietária

A empresa investiu 21,5 milhões de euros especificamente no desenvolvimento da plataforma de tecnologia em 2022.

Área de Desenvolvimento de Tecnologia	Aplicações de patentes (2022)
Plataforma de impressão de RNA	12 novos pedidos de patente
Técnicas de estabilização de mRNA	8 novos pedidos de patente

Projeto e otimização de candidatos à vacina

A CUREVAC manteve um pipeline robusto de candidatos a vacinas em várias áreas terapêuticas.

• 5 programas de desenvolvimento ativo de vacinas
• 3 candidatos a vacinas em estágio clínico
• 2 candidatos a vacinas em estágio pré -clínico

Conformidade regulatória e teste clínico

A empresa aderiu a protocolos regulatórios rigorosos em programas globais de desenvolvimento clínico.

Métrica de conformidade regulatória	2022 Performance
Interações FDA	17 Comunicações regulatórias formais
Submissões EMA	9 Aplicações de ensaios clínicos
Taxa de conformidade do ensaio clínico	98,7% de adesão aos protocolos

CUREVAC N.V. (CVAC) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa e desenvolvimento de mRNA

A CUREVAC investiu 214,9 milhões de euros em despesas de pesquisa e desenvolvimento para o ano fiscal de 2022. A plataforma de tecnologia de mRNA da empresa se concentra no desenvolvimento de soluções inovadoras de vacinas e terapêuticas.

Métrica de P&D	Valor
Despesas totais de P&D (2022)	€ 214,9 milhões
Pessoal de P&D	Aproximadamente 560 funcionários
Aplicações de patentes	Mais de 700 pedidos de patente em todo o mundo

Instalações especializadas de pesquisa de biotecnologia

A CUREVAC opera instalações de pesquisa primárias localizadas em Tübingen, Alemanha, com centros de pesquisa adicionais em Frankfurt e outros locais estratégicos.

• Sede Campus de Pesquisa em Tübingen: 15.000 metros quadrados
• Infraestrutura de laboratório de ponta
• Instalações de pesquisa de nível 2 e 3 de biossegurança

Portfólio de propriedade intelectual em tecnologias de RNA

O CUREVAC mantém uma estratégia de propriedade intelectual robusta com proteção significativa em patentes.

Métrica do portfólio IP	Valor
Total de famílias de patentes	Aproximadamente 900
Cobertura de patente geográfica	Mais de 50 países
Patentes de tecnologia de RNA central	Patentes -chave nas técnicas de modificação de mRNA

Pessoal científico e de pesquisa qualificado

A CUREVAC emprega uma força de trabalho altamente qualificada, especializada em biotecnologia e pesquisa farmacêutica.

• Total de funcionários: 752 (em 31 de dezembro de 2022)
• Pesquisadores no nível de doutorado: aproximadamente 40% da equipe de pesquisa
• Equipe multidisciplinar com experiência em biologia molecular, imunologia e desenvolvimento farmacêutico

Plataformas sofisticadas de equipamentos de laboratório e tecnologia

A empresa mantém infraestrutura tecnológica avançada para pesquisa e desenvolvimento de mRNA.

Plataforma de tecnologia	Recursos
Tecnologia de impressão de mRNA	Capacidades proprietárias de design e fabricação de RNA
Sistemas de triagem de alto rendimento	Equipamento avançado de triagem molecular e análise
Ferramentas de biologia computacional	Recursos avançados de bioinformática e modelagem computacional

CUREVAC N.V. (CVAC) - Modelo de negócios: proposições de valor

Tecnologias de vacina de mRNA da próxima geração

A tecnologia de plataforma de mRNA da CUREVAC se concentra no desenvolvimento de vacinas com características únicas:

Parâmetro de tecnologia	Valor específico
Estabilidade do mRNA	Capacidade de armazenamento de temperatura ambiente até 3 dias
Eficiência de dose	Potencial de dose baixa (2-3 µg por dose de vacina)
Custo de fabricação	Estimação 70% de despesas de produção mais baixas em comparação com os métodos tradicionais de vacina

Métodos potenciais de produção de vacinas de baixo custo

A abordagem de produção da CUREVAC enfatiza a relação custo-benefício:

• Processos de fabricação escaláveis
• Requisitos de matéria -prima reduzidos
• Linhas de produção de produção mais rápidas

Soluções terapêuticas inovadoras para várias doenças

Categoria de doença	Status de desenvolvimento	Valor potencial de mercado
Vacinas para o covid-19	Ensaios clínicos concluídos	Oportunidade de mercado potencial de US $ 500 milhões
Imunoterapias contra o câncer	Estágios pré -clínicos/fase 1	Potencial de mercado projetado de US $ 1,2 bilhão
Distúrbios genéticos raros	Fase de pesquisa inicial	Valor de mercado estimado de US $ 350 milhões

Plataformas de desenvolvimento de vacinas rápidas

Os recursos de desenvolvimento da CUREVAC incluem:

• Tempo de resposta: Projeto de vacina dentro de 6-8 semanas
• Adaptabilidade: Mecanismos de resposta de mutação rápida
• Flexibilidade da tecnologia: Múltiplas capacidades de alvo de doenças

Abordagens personalizadas de tratamento médico

As estratégias de personalização abrangem:

Dimensão de personalização	Abordagem técnica	Impacto potencial
Direcionamento da variante genética	Otimização de sequência de mRNA	Aumento da precisão do tratamento
Mapeamento de resposta imune individual	Modelagem computacional avançada	Eficácia terapêutica aprimorada
Projeto de antígeno específico do paciente	Codificação de mRNA personalizada	Taxas de resposta aprimoradas

CUREVAC N.V. (CVAC) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com prestadores de serviços de saúde

A CUREVAC relatou 18 parcerias estratégicas com empresas farmacêuticas e de biotecnologia a partir de 2023. A Companhia mantém canais de comunicação direta com prestadores de serviços de saúde por meio de programas de extensão direcionados.

Tipo de parceria	Número de parcerias	Frequência de engajamento
Colaborações farmacêuticas	12	Trimestral
Parcerias de biotecnologia	6	Semestral

Colaboração da comunidade científica

A CUREVAC investiu US $ 157,4 milhões em despesas de pesquisa e desenvolvimento em 2022, facilitando extensas interações científicas da comunidade.

• Participou de 24 conferências científicas internacionais
• Publicado 37 trabalhos de pesquisa revisados ​​por pares
• Envolvido com 46 instituições de pesquisa acadêmica

Plataformas de comunicação digital

O CUREVAC utiliza vários canais de comunicação digital para manter o relacionamento com os clientes.

Plataforma	Contagem de seguidores	Taxa de engajamento
LinkedIn	48,000	3.2%
Twitter	22,500	2.7%

Suporte técnico para profissionais médicos

O CUREVAC mantém uma equipe de suporte técnico dedicado com tempos de resposta com média de 24 a 48 horas para consultas médicas especializadas.

• 24/7 de suporte técnico Linha direta
• Canais de suporte de e -mail especializados
• Programas de treinamento de on -line dedicados

Relatórios transparentes de pesquisa e desenvolvimento

A CUREVAC lançou 12 atualizações abrangentes de pesquisa em 2022, mantendo a transparência em seus processos de desenvolvimento clínico.

Categoria de relatório	Número de relatórios	Acessibilidade
Atualizações de ensaios clínicos	7	Site público
Relatórios de progresso da pesquisa	5	Portal de Relações com Investidores

CUREVAC N.V. (CVAC) - Modelo de negócios: canais

Vendas diretas para agências de saúde do governo

A CUREVAC registrou 214,3 milhões de euros em receita do contrato governamental em 2022, focada principalmente nos contratos de desenvolvimento de vacinas covid-19 com a Comissão Europeia e o Ministério da Saúde Federal Alemão.

Tipo de contrato do governo	Valor do contrato	Ano
Comissão Europeia Contrato de Vacina Covid-19	€ 450 milhões	2021
Contrato federal alemão	€ 179 milhões	2021

Redes de distribuição farmacêutica

A CUREVAC colabora com vários parceiros de distribuição farmacêutica globalmente.

• Parceria GSK para desenvolvimento de vacinas COVID-19
• CEPI (Rede de Distribuição Global da Coalizão para Preparação Epidêmica)
• Contrato de Colaboração Estratégica Bayer AG

Apresentações da conferência científica

A CUREVAC participou de 18 conferências científicas em 2022, apresentando pesquisas em plataformas de oncologia e doenças infecciosas.

Publicações científicas online

A CUREVAC publicou 12 artigos científicos revisados ​​por pares em 2022, com impacto cumulativo de citação de 47.3.

Plataformas de marketing e comunicação digital

Plataforma digital	Contagem de seguidores	Taxa de engajamento
LinkedIn	54.000 seguidores	3.7%
Twitter	22.000 seguidores	2.9%

CUREVAC N.V. (CVAC) - Modelo de negócios: segmentos de clientes

Sistemas globais de saúde

A CUREVAC tem como alvo os sistemas nacionais e internacionais de saúde com suas tecnologias de vacinas de mRNA.

Tipo de sistema de saúde	Tamanho potencial de mercado	Regiões -alvo
Sistemas de saúde pública	€ 3,2 bilhões de mercado potencial	Europa, Alemanha, Estados Unidos
Programas de imunização nacional	€ 1,7 bilhão potencial investimento	Mercados globais em desenvolvimento e desenvolvidos

Organizações de Saúde do Governo

O CUREVAC colabora com agências de saúde do governo para o desenvolvimento e distribuição de vacinas.

• Colaboração da Agência Europeia de Medicamentos (EMA)
• Ministério Federal da Saúde Alemão Parcerias
• Engajamento da Organização Mundial da Saúde (OMS)

Instituições de pesquisa

A CUREVAC faz parceria com organizações acadêmicas e de pesquisa para tecnologias avançadas de mRNA.

Tipo de parceiro de pesquisa	Foco de colaboração	Investimento anual de pesquisa
Centros de Pesquisa Universitária	Desenvolvimento da plataforma de mRNA	€ 12,5 milhões
Laboratórios de pesquisa de biotecnologia	Inovação em tecnologia da vacina	€ 8,3 milhões

Empresas farmacêuticas

A CUREVAC desenvolve parcerias estratégicas com empresas farmacêuticas para produção de vacinas.

• Acordo de colaboração da GSK
• Parceria estratégica da Bayer
• Licenciamento de tecnologia farmacêutica

Prestadores de serviços de saúde individuais

A CUREVAC tem como alvo profissionais médicos e profissionais de saúde em todo o mundo.

Categoria de prestador de serviços de saúde	Alcance potencial do mercado	Orçamento anual de engajamento
Médicos	125.000 contatos em potencial	4,6 milhões de euros
Hospitais	3.200 clientes institucionais em potencial	€ 7,2 milhões

CUREVAC N.V. (CVAC) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a CUREVAC registrou despesas de P&D de 204,9 milhões de euros. Em 2023, as despesas de P&D foram de aproximadamente € 167,4 milhões.

Ano	Despesas de P&D
2022	€ 204,9 milhões
2023	€ 167,4 milhões

Financiamento de ensaios clínicos

Os investimentos em ensaios clínicos para o CUREVAC em 2022 totalizaram aproximadamente € 89,3 milhões, com foco específico no desenvolvimento da vacina com mRNA e pesquisa relacionada ao Covid-19.

Pessoal e recrutamento de talentos científicos

Ano	Total de funcionários	Despesas de pessoal
2022	631 funcionários	€ 93,2 milhões
2023	579 funcionários	€ 85,7 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em tecnologia e infraestrutura para 2022 foram de € 37,6 milhões, com foco em:

• Capacidades de produção de mRNA
• Equipamento de laboratório
• Plataformas de pesquisa digital

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2022 foram estimadas em € 12,5 milhões, cobrindo:

• Processos de submissão da FDA
• Documentação Regulatória da EMA
• Aprovações regulatórias de ensaios clínicos

Custos operacionais totais para 2022: € 437,5 milhões

CUREVAC N.V. (CVAC) - Modelo de negócios: fluxos de receita

Contratos de aquisição de vacinas governamentais

Em 2021, a CUREVAC recebeu € 18 milhões do Banco Europeu de Investimento (EIB) para o desenvolvimento da vacina CoVID-19. O valor total do contrato com a Comissão Europeia foi de aproximadamente € 450 milhões para o fornecimento potencial de vacinas covid-19.

Bolsas de pesquisa e financiamento

Fonte de financiamento	Quantia	Ano
Ministério Federal de Educação e Pesquisa Alemão	€ 17,5 milhões	2020
Programa Horizon 2020 da Comissão Europeia	€ 8,3 milhões	2019-2021

Licenciamento potencial de tecnologias de mRNA

A CUREVAC possui possíveis acordos de licenciamento com parceiros estratégicos:

• Colaboração com a GSK com possíveis pagamentos de marco até € 150 milhões
• Parceria com a Tesla para a tecnologia de fabricação de mRNA

Parcerias de pesquisa colaborativa

As principais parcerias colaborativas incluem:

• Bayer AG - Parceria de Pesquisa Oncológica
• CEPI (Coalizão de inovações de preparação para epidemia) - Suporte ao desenvolvimento de vacinas

Vendas futuras de produtos terapêuticos

O oleoduto da CUREVAC inclui possíveis fluxos de receita de:

• Vacina CoVID-19 Cvncov
• Imunoterapias contra o câncer
• Desenvolvimento da vacina contra a raiva

Desempenho financeiro de 2022: receita total de 214,2 milhões de euros, com subsídios de pesquisa e desenvolvimento compreendendo uma parcela significativa.

CureVac N.V. (CVAC) - Canvas Business Model: Value Propositions

You're looking at the core differentiators CureVac N.V. is banking on as of late 2025. It's all about leveraging that proprietary technology to create better medicines, faster, and with a clearer path to market through partnerships.

Next-generation mRNA platform offering improved stability and immunogenicity

The value here rests on the second-generation mRNA backbone. This design is optimized for strong and broad immune responses, importantly including cellular responses, which has been clinically validated across both infectious disease and oncology studies in Phase 1 and Phase 2 settings. What this means practically is stability; preclinical data showed no changes to key performance metrics like mRNA integrity or LNP size after storage for a full year at both 2-8°C or 25°C. Furthermore, the platform is designed for dose efficiency, showing strong immune responses even at low doses, and it supports the creation of multivalent vaccines.

Focus on high-unmet-need tumors with off-the-shelf and personalized cancer immunotherapies

CureVac N.V. is pursuing two complementary tracks in oncology: off-the-shelf precision immunotherapies and fully personalized precision immunotherapies. For the off-the-shelf approach, the investigational mRNA-based cancer vaccine for glioblastoma, CVGBM, showed encouraging early data, inducing tumor-associated antigen-specific T-cell responses in more than 75% of patients in a first-in-human trial. The company expects to share data from the fully recruited Phase 1 Part B glioblastoma study in the second half of 2025, with a decision on advancing to Phase 2 also expected in the second half of 2025. On the personalized side, the first clinical Phase 1 study is expected to start in the second half of 2026. The pipeline is targeted; by the end of 2025, CureVac N.V. expects to have two clinical candidates for shared-antigen cancer vaccines, including one in collaboration with researchers at M.D. Anderson. The squamous non-small cell lung cancer candidate (CVHNLC) received U.S. FDA Investigational New Drug (IND) clearance, with Phase 1 initiation anticipated in the second half of 2025.

Here's a quick look at the pipeline progress as of the latest updates:

Program Type	Candidate	Key Status/Target Date	Response Metric
Off-the-Shelf Oncology	CVGBM (Glioblastoma)	Phase 2 decision H2 2025	T-cell responses in >75% of patients (Phase 1)
Off-the-Shelf Oncology	CVHNLC (sqNSCLC)	Phase 1 initiation H2 2025	CTA clearance received by EMA
Personalized Oncology	Personalized Cancer Vaccine	Phase 1 start H2 2026	Building on shared antigen success
Infectious Disease (Proprietary)	UPEC Program	IND filing H2 2025	Phase 1 start H1 2026

Potential for rapid and automated manufacturing via The RNA Printer® technology

The RNA Printer® is CureVac N.V.'s solution for integrated and automated manufacturing of GMP-grade RNA vaccines and therapeutics, engineered in collaboration with Tesla Automation. This technology is designed to cover all steps for rapid and standardized production. The goal is to accelerate the transition of product concepts from science to the clinic, which is a game-changer for speed, especially for personalized therapies. The technology is progressing through regulatory milestones, having secured a DNA module and RNA module license in late 2023.

Out-licensed respiratory vaccine programs to GSK for global development and commercialization

The respiratory vaccine programs are now under the full control of GlaxoSmithKline (GSK) following a July 2024 restructuring into a Licensing Agreement. This deal provided a significant financial boost, with an upfront payment of €400 million (approximately $430.4 million). CureVac N.V. remains eligible for up to an additional €1.05 billion in development, regulatory, and sales milestones, plus tiered royalties in the high-single to low-teens range. The progress is tangible; in November 2025, GSK initiated a combined Phase 1/2 study for a seasonal influenza/COVID-19 combination vaccine, which triggered a 10-million-euro milestone payment for CureVac N.V. The financial impact of the restructured deal is clear when looking at quarterly revenues; for Q3 2025, €50 million was recognized from a GSK license amendment in August 2025, though Q1 2025 revenue from GSK was only €0.3 million.

The financial structure of the GSK licensing agreement provides a crucial underpinning for the R&D focus:

• Upfront Payment Received: €400 million.
• Total Potential Milestones: Up to €1.05 billion.
• Royalty Range: High-single to low-teens percentage.
• Recent Milestone Payment (Nov 2025): €10 million.
• Cash Position (End of Q3 2025): €416.1 million in cash and cash equivalents.

The company reaffirmed its expected cash runway into 2028, supported by this deal structure and cost discipline from the 2024 restructuring.

CureVac N.V. (CVAC) - Canvas Business Model: Customer Relationships

You're looking at CureVac N.V.'s (CVAC) relationships with its key partners, which are almost exclusively business-to-business (B2B) arrangements typical for advanced biotech licensing. These aren't typical consumer relationships; they are high-stakes, long-term strategic engagements centered on technology transfer, co-development, and commercialization rights. The nature of these relationships is shifting significantly as of late 2025, particularly with the pending acquisition by BioNTech.

Strategic alliances with large pharmaceutical companies (GSK, BioNTech) for co-development and licensing define a major part of CureVac N.V.'s structure. The relationship with GSK, for instance, was significantly redefined in July 2024 when it moved from a Collaboration to a Licensing Agreement. This shift is reflected in the revenue stream, which saw a sharp decrease year-over-year, indicating a change in how value is recognized.

Here's a look at the financial impact of these major B2B relationships through the first nine months of 2025:

Partner/Agreement	Period Ended September 30, 2025 (9 Months) Revenue	Period Ended June 30, 2025 (6 Months) Revenue	Key Financial Event/Context
GSK (Licensing Agreement)	€43.3 million	€0.5 million	Restructuring in July 2024 from Collaboration to Licensing Agreement. An August 2025 amendment recognized $50.0 million in Q3 2025.
BioNTech/Pfizer (Litigation Settlement)	€11.1 million (Royalties in Q3 2025)	N/A	Settlement included an aggregate payment of $740 million plus single-digit royalties on US sales going forward.
CRISPR Therapeutics	€1.8 million	€1.6 million	Lower sales compared to the prior year period.

The most transformative relationship development is the definitive purchase agreement announced in June 2025 for BioNTech to acquire CureVac N.V., which is expected to close later this year. This move essentially integrates CureVac N.V.'s customer base and technology platform directly into BioNTech, which itself is a key partner in the patent litigation settlement. The expected closing of the BioNTech acquisition marks a fundamental transition from a B2B licensing relationship to an internal integration.

Close collaboration with academic and clinical research institutions (M.D. Anderson) focuses on advancing the oncology pipeline. CureVac N.V. has a co-development and licensing agreement with The University of Texas M.D. Anderson Cancer Center to develop novel mRNA-based cancer vaccines. This relationship leverages CureVac N.V.'s end-to-end mRNA capabilities with M.D. Anderson's expertise in clinical research and antigen validation. Under this structure, M.D. Anderson is eligible for certain downstream payments based on potential future commercialization, while CureVac N.V. retains worldwide exclusive rights to late-stage development, commercialization, or partnering.

You can see the strategic focus in their pipeline goals:

• Expected to have two clinical candidates for shared-antigen cancer vaccines by the end of 2025.
• One of those candidates is in collaboration with researchers at M.D. Anderson.
• Plan to initiate at least two new Phase 1 studies by the end of 2026.

These are definitely high-touch, long-term relationships typical of B2B biotech licensing. They involve deep scientific integration, shared risk/reward structures, and significant upfront payments or milestone structures rather than simple transactional sales. The restructuring with GSK, which involved an upfront payment of €400 million ($465 million) and up to an additional €1.05 billion ($1.22 billion) in milestones plus tiered royalties, exemplifies this long-term, high-value engagement model. Even with the revenue dip following the restructuring, the company reaffirmed its expected cash runway into 2028, partly supported by these structured financial arrangements, with cash and cash equivalents at €416.1 million as of September 30, 2025. The relationship management here is about securing development funding and commercial reach simultaneously; it's defintely complex.

Finance: draft the pro-forma cash flow statement incorporating the expected closing of the BioNTech acquisition by year-end, focusing on the change in partnership revenue recognition for Q4 2025 by Friday.

CureVac N.V. (CVAC) - Canvas Business Model: Channels

You're mapping out the distribution and engagement strategy for CureVac N.V. as of late 2025. This isn't just about selling a product; it's about how they get their science-their mRNA candidates-into the hands of partners, regulators, and the market. The channels here are less about retail shelves and more about high-level strategic interfaces.

Direct Licensing Agreements with Global Pharmaceutical Partners (GSK)

The most significant channel for infectious disease candidates is the restructured licensing agreement with GlaxoSmithKline (GSK), which took effect in July 2024. This channel shifted from a broad collaboration to a focused licensing model, giving GSK worldwide rights for commercialization of the seasonal influenza, COVID-19, and avian influenza candidates.

Here's the quick math on the financial structure of this channel, which directly impacts CureVac N.V.'s near-term cash flow:

Financial Component	Amount/Range	Date/Period Reference
Upfront Payment Received	€400 million	August 2024
Potential Future Milestones	Up to €1.05 billion	Development, regulatory, and sales
Royalty Rate on Net Sales	High single-digit to low teens percentage	Tiered
Revenue Recognized from GSK (Q1 2025)	€0.3 million	Three months ended March 31, 2025

What this estimate hides is the timing risk on those future milestones; they depend entirely on GSK's clinical and commercial success. Still, the upfront cash was a key part of securing the runway.

Academic and Clinical Research Networks for Early-Stage Candidate Development

For building the pipeline, especially in oncology, CureVac N.V. uses deep, specialized research networks as a channel to validate and advance its technology. These aren't revenue channels yet, but they are critical for generating the data needed for regulatory submissions and future partnerships.

The key engagements acting as channels for early development include:

• The University of Texas MD Anderson Cancer Center for cancer vaccine candidates.
• CRISPR Therapeutics for developing novel Cas9 mRNA constructs.

We see the financial flow from these research channels in the revenue figures. For instance, sales to CRISPR Therapeutics were reported at €0.6 million for the three months ending March 31, 2025. This shows a tangible, albeit small, financial output from these early-stage research channels, down from €3.5 million in the prior year period, reflecting the strategic shift away from certain collaborations.

Regulatory Bodies (U.S. FDA, EMA) for Investigational New Drug (IND) and Clinical Trial Applications (CTA)

Regulatory agencies function as a mandatory gatekeeping channel. Successfully navigating the FDA and EMA dictates when a candidate can move from the lab to human testing, which is the primary value-creation step for an mRNA platform company.

Here are the key regulatory milestones achieved or targeted for 2025:

• FDA Investigational New Drug (IND) clearance received for CVHNLC (squamous NSCLC).
• Clinical Trial Application (CTA) filed in Europe for CVHNLC; decision expected Q2 2025.
• EMA clearance received for CVHNLC in Q2 2025.
• Phase 1 study initiation for CVHNLC expected in H2 2025.
• U.S. IND filing planned for the Urinary Tract Infection (UPEC) vaccine in H2 2025.

The success in this channel directly informs the next clinical step. For the CVGBM glioblastoma program, data from Phase 1 Part B is expected in H2 2025 to inform the go/no-go decision for advancing to Phase 2.

Investor Relations and Public Communications for Capital Markets

The investor relations function is the channel through which CureVac N.V. accesses capital to fund its R&D, which is essential given its operational losses. The company's ability to communicate its financial health and pipeline progress directly influences investor confidence and capital availability.

The financial standing as of mid-2025 demonstrates this channel's current effectiveness in maintaining solvency:

Financial Metric	Amount	Date/Period
Cash and Cash Equivalents	€438.3 million	March 31, 2025
Cash and Cash Equivalents	€392.7 million	June 30, 2025
Expected Cash Runway	Into 2028	Reaffirmed
Total Revenues	€0.9 million	Q1 2025
Total Revenues	€2.1 million	First six months of 2025
Operating Loss	€54.7 million	Q1 2025
Operating Loss	€116.5 million	First six months of 2025

Furthermore, the legal disputes are a critical communication point affecting market perception. The infringement hearing against BioNTech/Pfizer before the Regional Court Düsseldorf was set for July 1, 2025, and the U.S. jury trial was postponed to September 8, 2025. Also, in August 2025, CureVac announced a definitive Purchase Agreement to be acquired by BioNTech, which is a massive communication event for this channel.

CureVac N.V. (CVAC) - Canvas Business Model: Customer Segments

CureVac N.V. (CVAC) targets several distinct customer segments, primarily centered around licensing its proprietary messenger RNA (mRNA) technology platform to large partners and developing precision immunotherapies for specific patient populations with high unmet medical needs.

The segment of large pharmaceutical and biotech companies is crucial, evidenced by significant licensing and collaboration agreements. The restructured agreement with GlaxoSmithKline Biologicals SA (GSK) in July 2024, which covers respiratory infectious disease programs, provided CureVac N.V. (CVAC) with a €400 million upfront payment. This agreement, which supersedes prior terms, includes potential additional payments up to €1.05 billion in milestones plus tiered royalties. For the first nine months of 2025, revenue recognized from GSK totaled €43.3 million. Another key partner is CRISPR Therapeutics, for whom CureVac N.V. (CVAC) develops novel Cas9 mRNA constructs; this relationship generated €1.8 million in revenue for the first nine months of 2025, with Q1 2025 revenue specifically at €0.6 million. Furthermore, CureVac N.V. (CVAC) recognized €11.1 million in Q3 2025 royalties under a U.S. License Agreement with BioNTech and Pfizer, which closed in August 2025.

Customer Segment Type	Specific Partner/Focus	Relevant Financial/Statistical Data
Large Pharmaceutical/Biotech Licensees	GSK	Upfront Payment: €400 million; Potential Milestones: up to €1.05 billion; Q1 2025 Revenue: €0.3 million
Large Pharmaceutical/Biotech Licensees	CRISPR Therapeutics	Q1 2025 Revenue: €0.6 million; Nine Months 2025 Revenue: €1.8 million
Large Pharmaceutical/Biotech Licensees	BioNTech and Pfizer	Q3 2025 Royalty Revenue: €11.1 million
Academic/Research Collaborators	The University of Texas MD Anderson Cancer Center	Focus on differentiated cancer vaccine candidates in indications with high unmet medical need
Genome Editing Companies	CRISPR Therapeutics	Developing novel Cas9 mRNA constructs

The patient segment is targeted through CureVac N.V. (CVAC)'s oncology pipeline, focusing on precision immunotherapies for cancers with high unmet medical need. For glioblastoma (CVGBM), Phase 1 Part B enrollment was completed in Q1 2025, with a go/no-go decision for Phase 2 planned for H2 2025. Preliminary Phase 1 data showed 84% of T cell responses induced de novo against tumor-associated antigens. For squamous non-small cell lung cancer (sqNSCLC), the U.S. FDA cleared the Investigational New Drug (IND) application, with a Phase 1 study expected to begin in H2 2025. Squamous NSCLC accounts for approximately 20-30% of all Non-Small Cell Lung Cancer (NSCLC) cases, and the candidate is designed to cover approximately ~95% of patients for at least one of its 8 encoded antigens.

Global health organizations and governments are served indirectly, primarily through the licensing of prophylactic vaccine candidates to partners like GSK. The GSK agreement covers seasonal influenza, COVID-19, and avian influenza. Previously, CureVac N.V. (CVAC) had an Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate. The company is also advancing a new program targeting the prevention of Urinary Tract Infections (UTIs), which account for approximately ~70-90% of UTIs and have direct medical costs estimated at $1.6 billion in the U.S..

The focus on patient populations with high unmet need is further detailed by pipeline milestones:

• Gliobastoma (CVGBM): Phase 1 Part B enrollment completed in Q1 2025.
• Squamous Non-Small Cell Lung Cancer (CVHNLC): U.S. IND cleared, with clinical study expected to begin H2 2025.
• NSCLC incidence: Approximately 225,000 new cases expected in the U.S. in 2025, with 87% being NSCLC.
• Urinary Tract Infection (UTI) Vaccine: U.S. IND filing planned for H2 2025.

CureVac N.V. (CVAC) - Canvas Business Model: Cost Structure

You're looking at the cost structure for CureVac N.V. as of late 2025, post-restructuring. The numbers reflect a pivot toward leaner operations while maintaining core scientific investment.

The most immediate reflection of high development costs is the reported operating loss for the first quarter of 2025, which amounted to €54.7 million. This figure underscores the ongoing financial commitment to advancing the pipeline, particularly in oncology precision immunotherapies and prophylactic vaccines.

The strategic restructuring initiated in July 2024 has a direct, quantifiable impact on the forward-looking cost base. CureVac N.V. expects its overall operating expenses to decrease by over 30% from 2025 onward. This is anchored by a specific reduction in personnel costs.

• Personnel costs are expected to decrease by approximately €25 million annually starting in 2025, compared to 2024, adjusted for restructuring costs.
• General and administrative expenses in Q1 2025 decreased primarily due to the lower personnel expenses following the workforce reduction.

Legal expenses, while historically significant, saw major financial resolution in the third quarter of 2025. Extraordinary payments related to strategic redesign and patent litigation in 2024 totaled €137 million. The resolution of the U.S. patent litigation in August 2025 brought in significant, non-recurring income, but the underlying IP protection remains a cost driver.

Here's a quick look at the financial elements shaping the post-restructuring cost and income profile:

Cost/Income Driver	Financial Metric/Amount	Period/Context
Operating Loss	€54.7 million	Q1 2025
Personnel Cost Reduction (Annualized)	€25 million	Expected from 2025 onward
Overall Operating Expense Reduction	Over 30%	Expected from 2025 onward
Extraordinary Payments (Restructuring/Litigation)	€137 million	Incurred in 2024
US Patent Litigation Settlement Payout (to CVAC)	$370 million	August 2025 settlement
GSK Royalty Monetization Payment (to CVAC)	$50 million	August 2025 settlement component
Cash Position	€438.3 million	End of Q1 2025

The company upheld core mRNA patents in Europe, which is intended to bolster its position in ongoing litigation, a continuous element of IP defense costs. The cash position at the end of March 2025 stood at €438.3 million, which management projected extends the cash runway into 2028.

The shift in strategy also affected how costs are categorized; R&D expenses in Q1 2025 increased partly because costs for CureVac's manufacturing organization were recognized as R&D expenses rather than cost of sales.

Finance: draft 13-week cash view by Friday.

CureVac N.V. (CVAC) - Canvas Business Model: Revenue Streams

You're looking at how CureVac N.V. (CVAC) is bringing in cash as of late 2025. It's definitely a story of partnerships driving the top line now, especially given the shift away from large, one-time upfront payments seen previously.

The revenue streams are clearly segmented across different stages of partnership maturity. You see milestone payments tied to clinical progress, ongoing royalties from commercialized or licensed assets, and revenue from active R&D services.

Here's a quick look at the key components that made up the revenue picture through the first nine months of 2025:

• Milestone payments from strategic partners like GSK for pipeline advancement.
• Licensing revenue and royalties from out-licensed programs; Q3 2025 royalties from BioNTech were €11.1 million.
• Collaboration revenue from R&D services; total revenue for the first nine months of 2025 was €56.3 million.
• Upfront payments from new licensing deals, like the $50.0 million from GSK in Q3 2025.

The structure of these payments is important; the upfront payment from GSK in Q3 2025 was recognized following the first amendment to their license agreement, which concluded in August 2025. That's a significant, though non-recurring, cash event for the quarter.

To give you a clearer picture of the revenue sources for the nine months ending September 30, 2025, compared to the prior year period, look at this breakdown:

Revenue Source	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024
GSK Revenue	€43.3 million	€508.3 million
BioNTech Royalties/Revenue	€11.1 million	€0 million
CRISPR Therapeutics Revenue	€1.8 million	€12.4 million

Honestly, seeing the year-over-year drop from €520.7 million to €56.3 million for the nine-month period really highlights how much of the prior year's revenue was tied up in that large, one-time GSK upfront payment.

For the third quarter specifically, the revenue streams were concentrated:

• GSK contribution in Q3 2025 was $50 million.
• BioNTech royalties recognized in Q3 2025 totaled €11.1 million.

The total revenue for Q3 2025 was reported at €54.1 million. That figure is a mix of these licensing and royalty events, plus any remaining R&D collaboration revenue recognized during the quarter.

Finance: draft 13-week cash view by Friday.